AAPL, daily
AAPL, monthly
Summary
A very bearish close for AAPL indeed. They really don't come any uglier than that, and AAPL looks set for an attempt to drop below the big $600 level on Monday..which will open up a swift move to test the ultimate support of the 200 day MA in the low 580s.
Lets be clear, if the 580s fail to hold, then a VERY severe drop to the low 500s is viable across a few days.
That of course is highly unlikely, although I'd refer anyone with '100% doubt of that possibility'..to the GOOG chart.
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Regarding the monthly chart. Don't get too fixated on the little outlook for 2013. Its just a doomer scenario, the point of the monthly chart, is to keep in mind the important 10MA support - currently @ 588.
Indeed, the 580s will be most important next week, and a possible reveal of direction for the broader market.
AAPL remains an outstandingly profitable company, with a fanatical customer base. It is cheap relative to the main market, but there IS weakness in the global economy, and if we do see AAPL <580, then the doomer-bears will really have something to get excited about.
*AAPL has results at the close, next Thursday, Oct'25.
